2005 Mercedes-Benz SLK-Class Insurance Cost – 8 Tricks for Cheapest Prices
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UPDATED: Mar 5, 2020
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Having to pay for overpriced insurance coverage can overdraw your savings account and put the squeeze on your family’s finances. Comparison shopping is a great way to slash your bill and have more diposable income.
There are many insurance companies to insure vehicles with, and although it’s nice to have a selection, too many choices makes it more difficult to compare rates and find the lowest cost insurance coverage.
You need to compare prices at least once a year due to the fact that insurance rates are adjusted regularly by insurance companies. Just because you found the best rates on SLK-Class coverage last year you can probably find a better price now. Block out anything you think you know about insurance coverage because we’re going to demonstrate the quickest way to find better coverage at a better price.
The best way we recommend to compare car insurance company rates is to know the trick all the major auto insurance companies actually pay money for the chance to give you rate quotes. To begin a comparison, all you need to do is give the companies some data such as the type of vehicles you drive, if you require a SR-22, daily mileage, and whether you are married. That information is then sent to insurance carriers in your area and you receive quotes very quickly.
To compare multiple company rates now, click here and find out if you can get cheaper insurance.
Is there truth in advertising?
Auto insurance providers like Progressive, GEICO, Allstate and State Farm continually stream television and radio advertisements. They all make the same claim that you’ll save big after switching your coverage to them. How can each company say the same thing?
All companies have a preferred profile for the type of driver that earns them a profit. For example, a driver they prefer could possibly be a mature driver, has no tickets, and drives less than 7,500 miles a year. A customer who fits that profile is entitled to the best price and therefore will save when they switch companies.
Potential customers who don’t measure up to the “perfect” profile must pay higher prices which leads to the driver buying from a lower-cost company. The ads say “people who switch” not “everyone that quotes” save that much. This is how insurance companies can confidently make those claims.
This illustrates why it’s extremely important to compare many company’s rates. It’s not possible to predict which insurance companies will fit your personal profile best.
Discounts on Mercedes-Benz SLK-Class insurance
Car insurance is not cheap, buy you may qualify for discounts to cut the cost considerably. Most are applied when you complete an application, but a few must be asked for prior to receiving the credit.
- Driver Safety – Completing a defensive driving course could cut 5% off your bill if you qualify.
- Organization Discounts – Being a member of certain professional organizations may earn a discount on your policy on SLK-Class coverage.
- New Car Discount – Buying coverage on a new vehicle can save up to 30% since new cars are generally safer.
- Senior Discount – If you qualify as a senior citizen, you may be able to get better insurance rates on SLK-Class coverage.
- Safe Driver Discount – Insureds without accidents can pay as much as 50% less on SLK-Class coverage than drivers with accidents.
- Early Signing – A few companies offer discounts for buying a policy prior to your current policy expiration. This can save 10% or more.
- Anti-theft System – Vehicles with anti-theft systems are stolen less frequently and will save you 10% or more.
- Service Members Pay Less – Having a family member in the military can result in better rates.
It’s important to note that some of the credits will not apply to the entire cost. Some only reduce the cost of specific coverages such as comp or med pay. So even though it sounds like all the discounts add up to a free policy, it doesn’t quite work that way. But any discount will bring down your premiums.
To see a list of providers offering insurance discounts, click this link.
Tailor your coverage to you
When choosing the best auto insurance coverage, there is no one size fits all plan. Each situation is unique so your insurance should reflect that For instance, these questions can help discover if your insurance needs will benefit from professional help.
- Do I need replacement cost coverage on my 2005 Mercedes-Benz SLK-Class?
- Am I covered when driving in Canada or Mexico?
- How high should deductibles be on a 2005 Mercedes-Benz SLK-Class?
- What should my uninsured motorist coverage limits be in my state?
- Does my 2005 Mercedes-Benz SLK-Class need full coverage?
- When should I remove comp and collision on my 2005 Mercedes-Benz SLK-Class?
- Why do I only qualify for high-risk insurance?
- Does my personal policy cover me when driving out-of-state?
- Do I have coverage when pulling a U-Haul trailer?
If you don’t know the answers to these questions but a few of them apply then you might want to talk to an insurance agent. To find an agent in your area, fill out this quick form or go to this page to view a list of companies.
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Coverages available on your policy
Learning about specific coverages of your policy can be of help when determining appropriate coverage and the correct deductibles and limits. The terms used in a policy can be difficult to understand and coverage can change by endorsement. Below you’ll find the usual coverages available from car insurance companies.
Uninsured/Underinsured Motorist (UM/UIM)
Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” either are underinsured or have no liability coverage at all. It can pay for injuries to you and your family as well as your vehicle’s damage.
Because many people only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Usually the UM/UIM limits are identical to your policy’s liability coverage.
Comprehensive insurance pays to fix your vehicle from damage from a wide range of events other than collision. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for claims such as damage from flooding, fire damage, hitting a deer and damage from getting keyed. The most you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.
Auto collision coverage
Collision coverage pays for damage to your SLK-Class from colliding with another car or object. You first must pay a deductible then your collision coverage will kick in.
Collision coverage pays for things like backing into a parked car, crashing into a building and sideswiping another vehicle. Collision is rather expensive coverage, so consider removing coverage from older vehicles. Another option is to choose a higher deductible to save money on collision insurance.
This coverage can cover damages or injuries you inflict on other’s property or people in an accident. It protects YOU from legal claims by others, and does not provide coverage for damage to your own property or vehicle.
It consists of three limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have values of 50/100/50 which stand for a $50,000 limit per person for injuries, a per accident bodily injury limit of $100,000, and $50,000 of coverage for damaged property. Some companies may use a combined limit which limits claims to one amount without having the split limit caps.
Liability coverage protects against things such as structural damage, funeral expenses, repair bills for other people’s vehicles, medical services and loss of income. How much liability coverage do you need? That is a decision to put some thought into, but it’s cheap coverage so purchase higher limits if possible.
Med pay and Personal Injury Protection (PIP)
Med pay and PIP coverage reimburse you for expenses such as prosthetic devices, ambulance fees and EMT expenses. They are often used to fill the gap from your health insurance program or if you are not covered by health insurance. It covers both the driver and occupants and will also cover if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state and gives slightly broader coverage than med pay
Saving money makes a lot of cents
The cheapest 2005 Mercedes-Benz SLK-Class insurance is available from both online companies in addition to many insurance agents, and you should compare price quotes from both to have the best chance of lowering rates. A few companies do not provide online price quotes and these small, regional companies work with independent agents.
Throughout this article, we presented some good ideas how to shop for insurance online. It’s most important to understand that the more price quotes you have, the more likely it is that you will get a better rate. Consumers may even find the best price on insurance is with a small local company. Some small companies often have lower prices on specific markets compared to the large companies like State Farm, GEICO and Nationwide.
For more information, feel free to browse the following helpful articles:
- Should I Purchase an Umbrella Liability Policy? (Insurance Information Insitute)
- Car Insurance: When not to Skimp (BankRate.com)
- Shopping for a Safe Car (Insurance Information Insitute)
- What is Gap Insurance? (Insurance Information Insitute)
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